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Do Kwon released in Montenegro

South Korean crypto fugitive Do Kwon has been released from prison in Montenegro as the Supreme Court deliberates on extradition requests from the United States and South Korea. 

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South Korean crypto fugitive Do Kwon has been released from prison in Montenegro as the Supreme Court deliberates on extradition requests from the United States and South Korea. 

According to a Bloomberg report, he was released on Saturday, March 23. The Supreme Court halted the extradition of the Terraform Labs co-founder to South Korea, suspending a lower court’s ruling.

Kwon is currently facing fraud allegations in both South Korea and the U.S. stemming from the Terra collapse, which resulted in the loss of approximately $60 billion in market value in 2022. Prison director Darko Vukcevic reportedly said by phone.

The decision to release Kwon reportedly came from the Council of the Supreme Court, which is set to review a decision that could grant or deny extradition to his native South Korea. In South Korea, penalties are comparatively milder than in the U.S., where prosecutors seek to prosecute Kwon for the TerraUSD algorithmic stablecoin’s $40-billion collapse in 2022.

Kwon’s lawyer, Goran Rodic, also confirmed his release. According to state TV, Kwon’s passport has been held back to prevent him from leaving the country. Later on Saturday, Kwon was relocated to a shelter for foreigners, as reported by state TV, citing Rodic, who indicated plans to appeal to a court for Kwon to remain free until an extradition ruling.

The Supreme Court’s action followed a challenge by the chief prosecutor in the Balkan nation, who cited procedural errors in the rulings favoring South Korea’s request. Extradition to either country awaits further court deliberations, with no specified timeline provided after the announcement on Friday.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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